Personal Property Securities (Corporations and Other Amendments) Act 2011 (35 of 2011)

Schedule 2  

31   Paragraphs 151(2)(a) and (b)

Repeal the paragraphs, substitute:

(a) the person described in the statement as the secured party has never, since the statement was registered, been a secured party in relation to the collateral (other than by virtue of the registration itself); and

(b) there are no reasonable grounds (or there are no longer any reasonable grounds) for the belief mentioned in subsection (1).

Note: The heading to section 151 is altered by omitting “ belief that collateral secures obligation ” and substituting “ belief about security interest ”.